Apple Outperforms as Mega-Cap Tech Slides on AI Spending Concerns

Apple emerged as a clear outlier on June 22, holding up better than its Magnificent Seven peers amid a broad selloff in mega-cap technology stocks. Investors rotated away from high-valuation hyperscalers burdened by heavy AI infrastructure costs, with Alphabet falling about 6% after an AI talent departure and an upcoming $40 billion ATM offering. Amazon, Microsoft and Meta also declined sharply, erasing hundreds of billions in market value, while suppliers such as Micron rallied. Apple’s lighter in-house AI spending approach, relying instead on partnerships, appears to be supporting its relative performance.